Fonterra criticises Beingmate after 'extremely disappointing' earnings downgrade

Mon, 22 Jan 2018

By Sophie Boot Jan. 22 (BusinessDesk) - Fonterra Cooperative Group has criticised struggling infant formula producer and distributor Beingmate Baby & Child Food, which it uses to sell its Anmum formula in China, after the Chinese company cut its forecast earnings overnight. Beingmate, of which Fonterra owns 18.8 percent, said its loss in calendar 2017 was between 800 million Chinese yuan and 1 billion yuan, or $171 million to $214 million, compared to a previous forecast loss of between 350 million yuan and 500 million yuan. "We are ex...

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